### Journal Entry Exercise – Castle Keys Corporation**Instructions**: Based on the following transactions from Castle Keys Corporation, prepare the appropriate journal entries.**Transactions**:1. **April 12**: Issued 9,000 shares of $10 par common stock for $110,000.2. **April 25**: Issued 3,500 shares of $30 par preferred stock for $115,000.3. **May 15**: Issued 3,000 shares of $30 par preferred stock for equipment with a fair market value of $93,000.**General Journal**: A table format is provided to record the entries. The following columns are included for each entry:- **Date**: Record the date of each transaction.- **Description**: Detail the transaction description or account title.- **Post Ref.**: A column to record the reference number for each journal entry (if applicable).- **Debit**: Record any debits for the transaction.- **Credit**: Record any credits for the transaction.**Table Layout**:| Date | Description | Post Ref. | Debit | Credit ||------|-------------|-----------|-------|--------|| | | | | || | | | | || | | | | |**Instructions for Completing the General Journal**:- Enter the date for each transaction.- Use the description column to indicate the accounts affected by the transaction.- Calculate and enter appropriate debit and credit amounts.- Ensure the journal is balanced; total debits must equal total credits for each transaction.

When stock is issued at price greater than the par value, it is said to be issued at a premium and…

19. Based on the following information from Castle Keys Corporation, prepare the appropriate journal entries. Apr. 12 Issued 9,000 shares of $10 par common stock for $110,000. 25 Issued 3,500 shares of $30 par preferred stock for $115,000. May 15 Issued 3,000 shares of $30 par preferred stock for equipment with a fair market value of $93,000. Page 1

19. Based on the following information from Castle Keys Corporation, prepare the appropriate journal entries. Apr. 12 Issued 9,000 shares of $10 par common stock for $110,000. 25 Issued 3,500 shares of $30 par preferred stock for $115,000. May 15 Issued 3,000 shares of $30 par preferred stock for equipment with a fair market value of $93,000. Page 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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